Neptune Hospitality Advisors Arranges $22 mil Acquisuion Finanacing of Wyndham Dallas Hotel
SAN DIEGO, CA, June 20, 2006. Neptune Hospitality Advisors announced today that it has arranged the senior financing for the 310-room Wyndham in Dallas, Texas. Built in 1978, the 14-story full-service hotel is located steps away from the Galleria Mall. The hotel was acquired by American Property Hospitality Management, an affiliate of the 5th largest independent hotel management company American Property Management Corporation. APHM plans a renovation and repositioning of the hotel to a Sheraton. Neptune arranged the $22.4 million floating rate interest-only loan through a national commercial real estate lender.
"Our auction process resulted in the highest proceeds at the lowest effective cost of borrowing for the client while taking into consideration the prepayment flexibility they desired as they commence a comprehensive renovation and up-branding of the property," commented Stan Kozlowski, Vice President of Neptune Hospitality Advisors.
Based in San Diego, APMC was recently ranked as the 5th largest independent hotel management company by Hotel and Motel Management magazine in March 2006 and the 15th largest hotel owner by Hotel Business magazine in September 2005. Michael Gallegos, President and CEO of APMC, was recently honored as Ernst & Young's 2004 National Entrepreneur of the Year in the real estate industry.
Neptune Hospitality Advisors is a real estate investment banking firm dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales, capital raising services, and advisory services to the hospitality industry. Its principals have over $4 billion of real estate and finance experience collectively.
For more information, contact Michael D. Armstrong at (858) 964-5678 or email mike@neptuneha.com or view the company website at www.neptuneha.com.
Neptune Hospitality Advisors, Inc.
The Aventine Building
8910 University Center Lane, Suite 420
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
Contact: Michael D. Armstrong (858) 964-5678
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